Graphex Group Ltd
GRFXF, GRFXY · Electrical Industrial Apparatus · EDGAR filings ↗
Grade
D50China graphite/graphene anode and landscaping group that is cash-generative at the operating level but unprofitable, on stale FY2022 data.
Strengths
- Positive OCF margin 12.5% (88th pct) and FCF margin 12.4% (72nd pct) despite losses
- Gross margin 35% (43rd pct); US/Michigan anode expansion optionality
Risks
- Net margin -28.9% and negative interest coverage (-17.6); current ratio 0.82 (27th pct)
- FY2022 data is stale (>3 years old), reducing reliability
- Customer concentration, China/PCAOB and capital-intensity risks
Notable findings
- No interest coverageInterest coverage -17.59 (cannot cover interest)
- Net lossNet loss (net margin -28.9%)
- Weak liquidityCurrent ratio 0.82 (<1)
- Revenue declineRevenue -12.7% YoY
Key metrics
Gross margin
35.2%
Operating margin
-17.2%
Net margin
-28.9%
Return on equity
-27.9%
Return on assets
-11.3%
Revenue growth (QoQ)
-12.7%
Interest coverage
-17.6×
Current ratio
0.8×
Free cash flow
$5M
EBITDA
$935K
Tangible book value
-$31M
Cash & investments
$4M
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2023-05-10 | 2022-12-31 | 0001493152-23-016192 ↗ |